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Last week we started an episode where we have looked at the 6 things no one tells you about running a network marketing business Part 1.
In the previous training too, we had the part 2.
A lot of people wants to start their own business and that’s why they have chosen to start with network marketing.
In the part 1 we looked at these 6 things no one tells you about running a network marketing business, and they are:
- 1. You’ll get less respect or be asked when you’re going to get a “real” job.
- 2. You focus on nurturing relationships instead of day-to-day grunt work.
- 3. People will think you have all the time in the world to do them a favor.
- 4. It’s a lonely game
- 5. You’ll face negativity
- 6. You’ll find friends in other network marketers
And in the part 2, we looked at these 6 things no one tells you about running a network marketing business, and they are:
- 1. Maintain your focus
- 2. You’ll use more mental energy than at a job.
- 3. Work isn’t always fun.
- 4. You’ll sit more.
- 5. Work and life lines blur.
- 6. It gets harder to go back to a traditional work situation.
Perhaps, you are already a network marketing professional.
In today’s post, I want to tell you things no one tells you about running a network marketing business part 3 and it’s the concluding part.
There’s no doubt that starting a network marketing business has many perks.
You get to be your own boss.
You can work how and when you want.
You set your own fees, essentially earning what you’re worth.
Unfortunately, the idea of running your own business is often much different than the reality.
While you may have freedom, your new role as boss may come with a lot of junk you don’t want – things like longer hours, risk, and financial hardship.
This could be the reason why there’s lots of people who could start a business in a year and the next year many of these people who have quitted also.
But there are things no one tells you about running a network marketing business.
1. Some days you may not get dressed.
Working in your p.j.s is a perk of having a home business.
But spending the entire day in your jammies will make you feel frumpy.
Many experts suggest getting up for your network marketing business just as you would for your job; shower and get dressed.
2. You’ll be home all the time.
Living and working under the same roof can get tedious.
On the days you don’t get dressed, also means you don’t leave the house.
Fortunately, many network marketing businesses can be run from other locations and since many public spots have free wi-fi, you can take your work on the road for a change of scenery.
3. You’ll need to reinvest some of your profits.
Author and investor Joseph Hogue of My Work from Home Money says he wishes people knew they would have to reinvest some of their profits back into their business. If they did, they could plan for upcoming expenses and adjust their income expectations accordingly.
Everyone wants to pull out all the profit in their business and enjoy the fruits of their labor, but nobody tells you that a big part of your future success is reinvesting in your business.
Hogue says he reinvests about 20% of his profits back into his business year-round, usually to hire freelancers or to cover other growth projects.
This ongoing investment lowers his take-home pay, but he believes it will help him earn more money in the long run.
The bottom line: The old saying that “you have to spend money to make money” is certainly true at times, and new network marketers would be wise to consider how spending some cash could help their business growth.
4. Your worst moments are probably defining moments.
Network marketing is full of ups and downs, and success is never a straight line.
You might feel like everything is going great one day and awful the next, and those bumps can be too much for certain personality types to take.
However, personal finance influencer Michelle Jackson says that, in her experience, the most frustrating and depressing moments are the ones that set the stage for incredible success.
Even the small “wins” can make a big difference in your entrepreneurial experience, she says, provided you have the tenacity to make it through the hard times.
Unfortunately, when it comes to hardship, a lot of people just can’t hang.
They watch their business have a few bad weeks or months in a row and believe their dreams are no longer worth pursuing.
But this is where having a realistic view of hardship can go a long way.
If you’re able to see your low points as part of the process, you’ll have a much better chance at success.
5. Successful network marketers can make it look easy, but that doesn’t mean it is.
Just because someone’s story sounds like an overnight success doesn’t mean it is, says Kayla Sloan, a self-employed virtual assistant and the founder of $10K VA.
Sloan says she read tons of success stories as she built her business, but she ultimately felt that few people talk about their struggles.
Success stories usually “glaze over the blood, sweat, and tears of what it really takes to be successful,” says Sloan.
People see the freedom you have and they may see proof of your financial reward, but they have no idea of the kind of work network marketing requires.
And just because some people make it look easy doesn’t mean it is.
The vast majority of the time, successful people have put in a ton of time and effort to get where they are.
6. You can start a network marketing business while you still work full-time.
Too many people think they have to quit their jobs and risk everything to follow their dreams.
You should start your business as a side hustle while you still have a day job.
This way, you can make sure your business idea is a good one and start building a reliable income stream as you go.
Get it running to where you can safely save enough money for eight months of expenses and have a decent income from the business before you go all in.
Yes, having a side hustle and a day job means you will have to work long hours, and it will be a lot of work.
Once you have a proven business idea that’s also profitable, you can scale back at your 9-5 or quit altogether.
In the worst-case scenario, you’ll find your business idea doesn’t work and you need to stay in your job longer than you want – but at least you’ll still have income coming in.
On the flip side, however, this strategy could help you earn money in your spare time while you continue building a business that will replace your entire income one day.
Starting your own business may seem like the ultimate way to earn more money while also taking control of your life, but it can be difficult to make it work in the long run.
Starting your own business isn’t all puppies and cupcakes.
Being your own boss does have it perks, but you often pay for those perks with longer hours, more responsibility, and a whole lot of stress.
But, the spoils go to those who work hard and, most importantly, never give up.
So, if you want to start your own business, you should create a feasible business plan and stick with it no matter what.
I hope you got some value out of today’s training. If so, can you do me a quick favor? Like, share, and comment below. It’d be great if you’d give me some feedback!
P.S.: The Feedback on The Cold Market Prospecting Formula has been awesome click here to check it out.
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